Bank of America today released its annual Corporate
Social Responsibility (CSR) report to provide an overview of the
environmental, social and economic impact of its businesses as well as
progress in meeting commitments to customers, clients, employees,
shareholders, and the communities it serves.
“Over the past few years, we’ve learned more about how our business
practices and operations impact local communities around the world,”
said Bank of America Corporate Social Responsibility and Consumer Policy
Executive Andrew Plepler. “Our CSR report demonstrates how we’re
addressing some of the most pressing challenges in the environmental,
social and economic arenas. We’re modifying our business practices,
living up to our lending, investing and environmental goals, and
supporting leadership development, volunteerism and diversity and
The report highlights some of the company’s achievements and challenges
in 2012, including its commitments to responsible business practices,
environmental sustainability, community development and philanthropic
investments. To help guide its approach to doing business, Bank of
America regularly convenes external advocates and leaders, including
community representatives and experts in emerging global trends.
In 2012, the company maintained its focus on promoting responsible
homeownership. After exiting the correspondent home lending market in
2011, Bank of America is concentrating entirely on retail distribution
for its mortgage products and services. This change has enabled the
company to align resources to its direct-to-consumer channel, with
greater focus on deepening relationships with core customers.
Last year, following the early completion of an initial $20 billion
environmental business initiative, Bank of America announced a new,
10-year goal to dedicate $50 billion to address global climate change
and demands on natural resources. This brings the total to $70 billion
over the course of 16 years.
Bank of America also invested $106 billion in low- and moderate-income
communities in 2012, totaling $570 billion since 2009. This includes
more than $85 billion in affordable housing; in addition, through
lending, tax credit equity investments and real estate development
solutions, the company provided more than $2.6 billion to help support
the creation of nearly 11,000 affordable housing units for families,
seniors and veterans.
In 2012, the Bank of America Charitable Foundation provided more than
$200 million in philanthropic investments around the world. The company
launched the Global Ambassadors Program, a partnership with Vital
Voices, a leading international non-governmental organization dedicated
to training and mentoring emerging women leaders. Through mentoring
forums held in India, South Africa, Haiti, Singapore and Brazil, the
program has convened hundreds of women to discuss opportunities for
leadership to address economic issues facing their countries.
The CSR report is structured to follow and respond to the Global
Reporting Initiative (GRI) G3.1 framework and GRI’s Financial Services
Sector Supplement, the industry standard by which CSR efforts are
evaluated and measured. GRI has concluded that the 2012 Bank of America
CSR report fulfills the requirement of Application Level B+. The full
report can be found at www.bankofamerica.com/csrreport.
Bank of America Corporate Social Responsibility
Bank of America’s
commitment to corporate social responsibility (CSR) is a strategic part
of doing business globally. Our CSR efforts guide how we operate in an
environmentally, socially, and economically responsible way around the
world, to deliver for shareholders, customers, clients and
employees. Our goal is to help create economically vibrant regions and
communities through lending, investing and giving. By partnering with
our stakeholders, we create value that empowers individuals and
communities to thrive and contributes to the long-term success of our
business. We have core areas of focus for our CSR, including responsible
business practices; environmental sustainability; strengthening local
communities with a focus on jobs, housing and hunger; investing in
global leadership development; and engaging through arts and culture. As
part of these efforts, employee volunteers across the company contribute
their time, passion and expertise to address issues in communities where
they live and work. Learn more at www.bankofamerica.com/about
and follow us on Twitter at @BofA_Community.
Visit the Bank of America newsroom for more Bank
of America news.
Copyright Business Wire 2013